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Financial Statements Audit FY 2017 – Federal Student Aid

Submitting OIG:

Department of Education OIG

Report Description:

The auditors found that the fiscal years 2017 and 2016 financial statements are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. They identified two significant deficiencies in internal control over financial reporting: (1) controls over the Department’s modeling activities need Improvement, and (2) Department and Federal Student Aid management need to mitigate persistent information technology control deficiencies. They also identified one instance of reportable noncompliance with Federal law related to referring delinquent student loan debts to Treasury.

The United States Department of Education (Department) Office of Inspector General conducts independent and objective audits, investigations, and other activities to promote the efficiency, effectiveness, and integrity of the Department's programs and operations. We deliver valuable products to encourage fiscal integrity and continuing improvement in program delivery and effectiveness, while also maximizing our efforts to prevent and detect fraud, waste, and abuse.